Central Government is ready to promote electric two-wheelers with policies created specifically for them, as communicated by the Union Minister Jayant Sinha on Thursday. The government is urging big industry players to come forward and invest in this sector while trying to enable equity capital for investors. For this, the government is using structures like India Aspiration Fund.

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At the 15th Darbari Devi Seth Memorial Lecture, Jayant Sinha said,
“Electric vehicles are very strategic for us as an economy. We are working at policy level to make this electric two-wheelers work. Policies are already in place both in transport and power ministries. What is required is innovative models and financing.”

“It is a massively important sector. India today is the world’s largest market for two-wheelers. But they are petrol driven. We need to really make a transition to electric two wheelers.”

There’s a huge effort on making electric vehicles affordable, practical and feasible for Indian conditions. However, there are concerns about batteries for the same, “How do we recharge these vehicles? How do we get right batteries? Tremendous research is required in this area.”

The minister also said that using rooftop solar energy systems could pave the way for the future and will definitely assist in putting electric vehicles to use. He also said, “Do we have sources of equity risk capital in this country and investors who are willing to put billions of dollars on new technology? I think we have big financing gap in equity risk capital.”

News Source: Govt ready with policy to promote electric two-wheelers: Jayant Sinha | The Indian Express